Nigeria Targets $10 Billion Investment from 50 Oil Blocks to Boost 400,000 BPD Output

Nigeria is set to lease 50 oil blocks to investors in a bid to raise $10 billion and increase oil production by an estimated 400,000 barrels per day (bpd), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Monday. The licensing round will include 15 onshore blocks, 19 shallow water blocks, 15 frontier assets, and one deepwater block, marking one of the largest investment drives in the country’s oil sector in recent years.

At a press briefing, NUPRC Chief Executive Gbenga Komolafe emphasized that the 2025 Licensing Round is designed to strengthen transparency, deepen exploration, and expand indigenous participation in Nigeria’s upstream sector. He noted that the 2024 Licensing Round was completed without litigation and that the new round, supported by presidential approval, is expected to significantly boost national oil reserves and generate thousands of jobs along the petroleum value chain.

To attract greater investment, signature bonuses for the blocks have been reduced to around N200 million. NUPRC has also conducted extensive multi-client surveys and reprocessed thousands of kilometres of seismic data to reduce exploration risks and accelerate time to first oil. The commission launched a dedicated bid portal at br2025.nuprc.gov.ng, further facilitating investor access and participation.

Meanwhile, concerns about governance in the oil and gas sector have intensified as the House of Representatives’ Public Accounts Committee ordered a forensic audit of the Midstream and Downstream Gas Infrastructure Fund. The committee raised alarms over the NMDPRA’s alleged failure to remit funds and respond to repeated requests for information, prompting lawmakers to mandate the Auditor-General for the Federation to investigate potential mismanagement and misappropriation since 2021.

The audit, expected to report within 60 days, could have significant implications for public trust in Nigeria’s oil governance. As the country moves forward with its $10 billion licensing round, investors and citizens alike will be watching closely to ensure that the dual goals of economic growth and financial accountability are met.

source: The Guardian